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Beyond that, it's an indispensable guide to your next steps, a tool to help you measure your progress, and a map to keep you from veering off-course.
Look at what these successful entrepreneurs have to say.
Marc Gingras secured a $45,000 contribution to begin manufacturing his revolutionary block heater device: Block Elec. But before that, he nearly sunk his energy and money and life into projects that were destined to fail -- such as ideas for portable bleachers and tree stands for deer hunters. "That one made sense," he says. "I'm a welding shop; we could manufacture that easy. Well, we did a whole business plan; it cost me $10,000 to do that plan.
And as a result of that, my consultant told me that if I go into this venture in Canada… in Ontario… in Verner, I might as well declare bankruptcy before I start. Because a Chinese product that sold hundreds of thousands a year cost only $65 while my cost was $107. And I thought I had the perfect dream."
Believe what your business plan tells you, advises Gingras. "If you're like most people, if you invent something or think you have a product that's good, it's pretty hard for you to listen to somebody telling you not to go into that venture. But your business plan will determine whether you're going to make it or not."
This forestry company owner echoes Gingras. He received $53,545 to hire engineers to develop new technology. "My advice would be make sure you have a solid business plan because you'll never get past first base until you know exactly where you are going. A lot of the guys -- and being an inventor, I'm guilty at this at times -- get off into dreamland. You dream about all the great things you're going to do, but when you sit down, and you start putting down all the real hard-core reality of the project and its feasibility, your dreams get dashed against the rocks of reality pretty quickly. Don't fall in love with your project before you fall in love with your business plan."
Purpose
startup New Business Startup
Successful PR firm takes centre stage
Entrepreneurial training + $20K grant a welcome shot of courage
It takes a lot of confidence to step on to the stage as a performing dancer. And it takes a lot of confidence to succeed in the world of public relations -- an arena where you're constantly engaging new people and must always be "on". Michelle Calvert has it in spades. In fact her company's website proclaims her chutzpah.
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